Savvy Advisors Inc. Takes $392,000 Position in Shopify Inc. (NYSE:SHOP)

Savvy Advisors Inc. acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,689 shares of the software maker’s stock, valued at approximately $392,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Coldstream Capital Management Inc. grew its stake in shares of Shopify by 14.3% in the third quarter. Coldstream Capital Management Inc. now owns 4,140 shares of the software maker’s stock worth $339,000 after acquiring an additional 518 shares during the period. World Investment Advisors LLC grew its position in Shopify by 113.4% in the 3rd quarter. World Investment Advisors LLC now owns 12,751 shares of the software maker’s stock worth $1,022,000 after purchasing an additional 6,776 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Shopify during the 3rd quarter valued at $615,000. Synovus Financial Corp purchased a new position in shares of Shopify in the 3rd quarter worth $481,000. Finally, Peapack Gladstone Financial Corp grew its holdings in shares of Shopify by 29.3% in the third quarter. Peapack Gladstone Financial Corp now owns 9,551 shares of the software maker’s stock worth $765,000 after acquiring an additional 2,162 shares during the period. 69.27% of the stock is owned by institutional investors.

Shopify Trading Down 1.1 %

Shares of NYSE SHOP opened at $82.77 on Tuesday. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The firm’s 50-day moving average price is $103.35 and its 200-day moving average price is $101.65. The stock has a market capitalization of $107.17 billion, a price-to-earnings ratio of 53.40, a P/E/G ratio of 4.82 and a beta of 2.82.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, equities analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on SHOP. Deutsche Bank Aktiengesellschaft increased their target price on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Morgan Stanley increased their price objective on shares of Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Scotiabank boosted their target price on shares of Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a research report on Monday, February 10th. Finally, DA Davidson cut their price objective on shares of Shopify from $150.00 to $115.00 and set a “buy” rating for the company in a research report on Monday. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $124.74.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.